The markets closed on negative note as BSE Sensex closed lower by 54.06 points at 15,542.77 and the Nifty slipped by 10.8 points to close at 4,497.05. The BSE mid cap closed lower by 8.65 points at 6,875.74 while Small cap closed higher by 14.72 points at 8,529.09. The market breadth was strong with 1,402 stocks advanced and 1340 stocks declined.
BSE Metal index surged by 166.17 points to close at 11,772.22 as SH.Precoated (5%), Jindal steel (4.80%), Tata Steel (2.27%), Jindal stainless (2.20%) and sterlite industries (0.85%) closed in green.
BSE Capital goods index advanced by 59.97 points to close at 13,714.26 as Suzlon energy (3.60%), Alstom projects (1.87%), BHEL (1.03%), Thermax (1.01%) and L&T (0.41%) closed higher.
BSE FMCG index grew by 12.95 points to close at 2,098.05 as United spirits (4.81%), Dabur India (3.69%), Colgate Palmolive (1.91%) and HUL (1.47%) closed in green.
BSE Health Care Index closed lower by 16.99 points at 3,703.82 as Nicho;as piramal (2.31%), Lupin (2.26%), Dr Reddy''s lab (1.01%), Glaxosmithkline (0.68%) and Cipla (0.59%) closed lower.
BSE bankex index closed lower by 62.30 points at 8,038.07 as SBI (1.12%), ICICI bank (1.11%), Yes bank (1.08%), BOI (0.78%), HDFC bank (0.71%), Canara bank (0.59%) closed in negative while IOB (7.22%) closed in positive
BSE Auto Index dropped by 33.24 points to close at 4,867.13 as Ashok Leyland (2.34%), Tata Motors (1.88%), Maruti Udyog (1.65%) and Mahindra and Mahindra (0.50%) closed in negative while Bajaj Auto (0.24%) and Hero Honda (0.02%) closed in positive.
BSE oil & gas index increased by 0.78 points to close at 8,260.71 as HPCL (2.30%), BPCL (1.65%), GAIL (0.58%) and RPL (0.08%),closed higher while IPCL (0.69%), ONGC (0.46%) and Indian Oil (0.15%) are closed lower.
BSE IT index slipped by 100.33 points to close at 4,470.56 as HCL Tech.(2.93%), Infosys (2.58%), Wipro (2.45%), TCS (2.21%) and Satyam (2.04%) closed in red.
BSE Metal index surged by 166.17 points to close at 11,772.22 as SH.Precoated (5%), Jindal steel (4.80%), Tata Steel (2.27%), Jindal stainless (2.20%) and sterlite industries (0.85%) closed in green.
BSE Capital goods index advanced by 59.97 points to close at 13,714.26 as Suzlon energy (3.60%), Alstom projects (1.87%), BHEL (1.03%), Thermax (1.01%) and L&T (0.41%) closed higher.
BSE FMCG index grew by 12.95 points to close at 2,098.05 as United spirits (4.81%), Dabur India (3.69%), Colgate Palmolive (1.91%) and HUL (1.47%) closed in green.
BSE Health Care Index closed lower by 16.99 points at 3,703.82 as Nicho;as piramal (2.31%), Lupin (2.26%), Dr Reddy''s lab (1.01%), Glaxosmithkline (0.68%) and Cipla (0.59%) closed lower.
BSE bankex index closed lower by 62.30 points at 8,038.07 as SBI (1.12%), ICICI bank (1.11%), Yes bank (1.08%), BOI (0.78%), HDFC bank (0.71%), Canara bank (0.59%) closed in negative while IOB (7.22%) closed in positive
BSE Auto Index dropped by 33.24 points to close at 4,867.13 as Ashok Leyland (2.34%), Tata Motors (1.88%), Maruti Udyog (1.65%) and Mahindra and Mahindra (0.50%) closed in negative while Bajaj Auto (0.24%) and Hero Honda (0.02%) closed in positive.
BSE oil & gas index increased by 0.78 points to close at 8,260.71 as HPCL (2.30%), BPCL (1.65%), GAIL (0.58%) and RPL (0.08%),closed higher while IPCL (0.69%), ONGC (0.46%) and Indian Oil (0.15%) are closed lower.
BSE IT index slipped by 100.33 points to close at 4,470.56 as HCL Tech.(2.93%), Infosys (2.58%), Wipro (2.45%), TCS (2.21%) and Satyam (2.04%) closed in red.
Ailing technology stocks saw indices wipe out the day's gains and end in the red Tuesday. The market opened higher buoyed by positive global cues and with support from index heavyweight Reliance Industries.
Shares of the oil and gas major hit an all-time high of Rs 2007 on the back of the Malaysian buy. Also, reports that Reliance Industries is planning a Rs 25,000-crore healthcare initiative over 7-8 years spurred the stock. The share, however, ended flat at Rs 1,986.3, as the market sentiment turned slightly cautious during the session.
"People are awaiting the US Fed meet on September 18, anxious for news of a rate cut. Perception is that the market has already discounted this, but I still believe it will be a positive trigger for equities," said Mehraboon Irani of Darashaw & Company.
Traders also booked profits in other frontline stocks, especially in the auto and banking space.
But the worst performers of the day came from the technology sector. The BSE IT Index ended 2.19 per cent lower at 4,470.56 dragged by Satyam Computer (down 2.5%), Wipro (2.44%), Infosys Technologies (2.33%) and Tata Consultancy Services (2.21%).
The drop in tech majors pulled the Sensex down to a low of 15,506.1 intra day.
The 30-share index closed the day at 15,542.77, down 54 points or 0.35 per cent from the previous close. It touched a high of 15,698.98 intra day.
The National Stock Exchange's Nifty finished down 11 points or 0.24 per cent at 4497.05.
However, the CNX Mid-cap Index ended 0.27 per cent higher at 6252.8.
"Second-line stocks have been garnering investor interest and will continue to do so. Even though the Sensex has corrected over a thousand points, there were many stocks which didn't drop as sharply. So investors are buying such scrips," said Irani.
He is advising clients to look at individual stocks, and buy on dips. "One doesn't necessarily have to wait for the benchmarks to correct to buy. Even technically speaking, I don't think the Sensex will fall below 14500, so there's only upside from here," he said.
Shares of the oil and gas major hit an all-time high of Rs 2007 on the back of the Malaysian buy. Also, reports that Reliance Industries is planning a Rs 25,000-crore healthcare initiative over 7-8 years spurred the stock. The share, however, ended flat at Rs 1,986.3, as the market sentiment turned slightly cautious during the session.
"People are awaiting the US Fed meet on September 18, anxious for news of a rate cut. Perception is that the market has already discounted this, but I still believe it will be a positive trigger for equities," said Mehraboon Irani of Darashaw & Company.
Traders also booked profits in other frontline stocks, especially in the auto and banking space.
But the worst performers of the day came from the technology sector. The BSE IT Index ended 2.19 per cent lower at 4,470.56 dragged by Satyam Computer (down 2.5%), Wipro (2.44%), Infosys Technologies (2.33%) and Tata Consultancy Services (2.21%).
The drop in tech majors pulled the Sensex down to a low of 15,506.1 intra day.
The 30-share index closed the day at 15,542.77, down 54 points or 0.35 per cent from the previous close. It touched a high of 15,698.98 intra day.
The National Stock Exchange's Nifty finished down 11 points or 0.24 per cent at 4497.05.
However, the CNX Mid-cap Index ended 0.27 per cent higher at 6252.8.
"Second-line stocks have been garnering investor interest and will continue to do so. Even though the Sensex has corrected over a thousand points, there were many stocks which didn't drop as sharply. So investors are buying such scrips," said Irani.
He is advising clients to look at individual stocks, and buy on dips. "One doesn't necessarily have to wait for the benchmarks to correct to buy. Even technically speaking, I don't think the Sensex will fall below 14500, so there's only upside from here," he said.
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